Securities Law Updates

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PIMCO v. Mayer Brown: Adopting the “Attribution” Standard for Secondary Actors

By Josh Lawler and Joel B. Ginsberg of Zuber & Taillieu LLP

The Second Circuit has held that secondary actors can be held liable for Rule 10b-5 damages actions only for false statements attributed directly to the secondary actor at the time of their dissemination. In Pacific Investment Management Co. v. Mayer Brown, 603 F.3d 144 (2nd Cir. 2010), the Court of… More...

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FINRA Fines Morgan Stanley $800,000 for Deficient Conflict of Interest Disclosures in Equity Research Reports and Public Appearances by Research Analysts

In re: FINRA’s Action Against Morgan Stanley & Co., Inc.  |  BD 8209  |  8/10/2010

The Financial Industry Regulatory Authority (“FINRA”) has censured and fined Morgan Stanley & Co., Inc. $800,000 for failing to make public disclosures required by FINRA's rules governing research analyst conflicts of interest. More...

Seattle-Area Company and Former CFO in Hot Water for Phony Accounting of Infomercial Sales

Securities and Exchange Commission v. International Commercial Television, Inc.  |  Case No. 3:10-cv-05555 (W.D. Wash.), Release No.. 21622  |  8/9/2010

The Securities and Exchange Commission (“SEC,” or “Commission”) has charged the former chief financial officer of a Seattle-area skin care retailer with fraudulently boosting earnings by reporting sales of anti-aging products promoted through Home Shopping Network infomercials while the products still sat unsold in the company’s warehouse. More...

Bribery Charges Brought Against Two Global Tobacco Companies for Violating FPCA

SEC v. Universal Corp., Inc./SEC v. Alliance One International, Inc.  |  Civil Action No. 01:10-cv-01318 (RWR) (D.D.C.) / Civil Action No. 01:10-cv-01319 (RMU) (D.D.C.) No. 21618  |  8/6/2010

The U.S. Securities and Exchange Commission (“SEC,” or “Commission”) has charged two major tobacco companies, Universal Corporation, Inc. and Alliance One International, Inc., with violating, among other things, the anti-bribery provisions of the Foreign Corrupt Practices Act of 1977 ("FCPA") for their involvement in a multi-million dollar bribery scheme with government officials in Thailand to obtain nearly $30 million in sales contracts to supply tobacco. More...

SEC Charges Two Former Public Company Chairmen, Their Lawyer and Their Stockbroker in Fraudulent Scheme

Securities and Exchange Commission v. Samuel E. Wyly, et al.  |  Civil Action No.10-CV-5760 (SAS) (S.D.N.Y.), Release No. 21607  |  7/29/2010

The Securities and Exchange Commission (“SEC,” or “Commission”) has alleged in a civil enforcement action that Samuel E. Wyly and his brother, Charles J. Wyly, Jr. (hereinafter the "Wylys"), engaged in a 13-year fraudulent scheme to hold and trade tens of millions of securities of public companies while they were members of the boards of directors of those companies, without disclosing their ownership and their trading of those securities. More...

SEC Publishes Public Request for Comment to Inform Study of Obligations of Broker-Dealers and Investment Advisers

Study Regarding Obligations of Brokers, Dealers, and Investment Advisers  |  Release No. 34-62577; IA-3058; File No. 4-606  |  7/27/2010

The Securities and Exchange Commission (“SEC,” or “Commission”) has published a request for public comment to inform its study of the obligations and standards of care of broker-dealers and investment advisers providing personalized investment advice about securities to retail investors. More...

SEC Files Settled Books and Records and Internal Controls Charges Against General Electric for Improper Payments to Iraqi Ministries

SEC v. General Electric Company, et al.  |  Civil Action No. 1:10-CV-01258 (D.D.C.)(RWR), Litigation Release No. 21602  |  7/27/2010

The Securities and Exchange Commission (“SEC,” or “Commission”) has filed Foreign Corrupt Practices Act (“FPCA”) books and records and internal controls charges against General Electric Company ("GE") and two GE subsidiaries — Ionics, Inc. (currently GE Ionics, Inc.) and Amersham plc (currently GE Healthcare Ltd.) — in the U.S. District Court for the District of Columbia. More...

Goldman Sachs to Pay Record $550 Million to Settle SEC Charges Related to Subprime Mortgage CDO

Securities and Exchange Commission v. Goldman, Sachs & Co. and Fabrice Tourre  |  Civil Action No. 10 Civ. 3229 (S.D.N.Y.); Release No. 21592  |  7/15/2010

The Securities and Exchange Commission (“SEC,” or “Commission”) has announced that Goldman, Sachs & Co. will pay $550 million and reform its business practices to settle SEC charges that Goldman misled investors in a subprime mortgage product just as the U.S. housing market was starting to collapse. More...

SEC: Citigroup Inc. Gave Misleading Disclosures Regarding Its Exposure to Sub-Prime Assets

Securities and Exchange Commission v. Citigroup Inc.  |  Civil Action No. 1:10-CV-01277 (ESH) (D.D.C.), Litigation Release No. 21605  |  7/29/2010

The Securities and Exchange Commission (“SEC,” or “Commission”) has charged Citigroup Inc. with misleading investors about the extent of the company's exposure to sub-prime mortgage-related assets during 2007. More...

SEC Charges Dell and Senior Executives with Disclosure and Accounting Fraud

SEC v. Dell Inc., Michael S. Dell, et al.  |  Civil Action No. 1:10-cv-01245 (D.D.C.), Release No. 21599  |  7/22/2010

The Securities and Exchange Commission (“SEC,” or “Commission”) has charged Dell Inc. with failing to disclose material information to investors and using fraudulent accounting to make it falsely appear that the company was consistently meeting Wall Street earnings targets and reducing its operating expenses. More...

FINRA Orders SunTrust Investment Services to Pay $1.44 Million for Unsuitable UIT, Closed-End Fund and Mutual Fund Transactions

FINRA Complaints Against SunTrust Investment Services, Donald A. Mattran, Jr., and David E. Brendenburg  |  CRD Nos. 17499, 2342760, 2592172  |  7/22/2010

The Financial Industry Regulatory Authority (“FINRA”) has ordered SunTrust Investment Services, Inc. of Atlanta, GA, to pay $1.44 million to resolve charges related to unsuitable unit investment trust (“UIT”), closed-end fund (“CEF”) and mutual fund transactions. More...

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Companies Mentioned

Securities Law

The following companies are mentioned in Securities Law Updates:

Securities and Exchange Commission

Harris Associates, L.P.

Banc of America Securities LLC

Citicorp USA, Inc.

The Public Employees’ Retirement System of Mississippi

Morgan Stanley & Co., Inc.

Jan Charles Finance S.A.

Park East, Inc.

CIBC World Markets Corp.

Citigroup Inc.

Barclays Capital Inc.

Citigroup Global Markets, Inc.

Florida State Board of Administration

Credit Suisse Securities (USA) LLC

Credit Lyonnais Securities (USA) Inc.

The Cleaners & Caulkers Local 1 Pension Fund

Credit Suisse, New York Branch

Ameriprise Financial, Inc. f.k.a. American Express Financial Corp.

Deutsche Bank AG

California Department of Corporations

The Royal Bank of Scotland plc

RiverSource Investments, LLC

Harris Nesbitt Corp.

Consolidated Management Group, LLC

The Bank of Nova Scotia

Asset Management Holding AG

Deutsche Bank

Toronto Dominion Texas, LLC f.k.a. Toronto Dominion Texas, Inc.

Alex Brown, Inc.

Tellabs, Inc.

Deutsche Bank Securities, Inc.

Mizuho International PLC

SG Cowen Securities Corp.

Makor Issues & Rights, Ltd.

ABN AMRO Inc.

Lydia Capital, LLC

Suntrust Capital Markets, Inc.

Tribune Company

Fleet Securities, Inc. n.k.a. Bank of America, N.A.

City of Philadelphia Board of Pensions and Retirement

The Bank of New York Company, Inc.

Staples, Inc.

CIBC, Inc.

Citibank, N.A.

Metal Management, Inc.

European Metal Recycling, Ltd.

Salomon Smith Barney Inc. n.k.a. Citigroup Global Markets, Inc.

Calyon Securities (USA), Inc. f.k.a. Credit Lyonnais Securities (USA) Inc.

Salomon Smith Barney, Inc.

Calyon New York Branch (successor by operation of law to Credit Lyonnais New York Branch)

Additional Resources

Securities Law